4th April

Geopolitical tension, market volatility and a return to meme coin controversy — we unpack the major developments in crypto this week.

You can read last week's “This week in crypto” here.

On Wednesday, 2nd April, US President Donald Trump announced a sweeping set of tariffs, effective 5th April, marking a significant shift towards protectionism in American trade policy. The policy includes a baseline 10% tariff on all imports into the United States, with elevated rates targeting strategic economic rivals:

• China: 34%
• European Union: 20%
• Japan: 24%
• Vietnam: 46%
• Cambodia: 49%

Trump framed the move as part of a new “America First” push to rebuild domestic industry, stating that America would no longer tolerate unfair trade practices.

The announcement triggered immediate reactions in global markets. US equities dipped sharply, and risk assets like Bitcoin and Ether quickly followed suit. Bitcoin dropped by approximately 5.1% within hours of the announcement, while Ether slid by 6.4%, reflecting a wider market contraction.

Crypto-exposed equities also took a hit. Coinbase Global was down nearly 8.6% on the day, while Strategy Inc. (formerly MicroStrategy) dropped 6.2%. Bitcoin mining firms such as MARA Holdings and Riot Platforms fared even worse, with share prices declining by 9% and 9.2%, respectively.

The sell-off highlights the increasing interdependence between crypto markets and traditional macroeconomic developments. Once viewed as an uncorrelated asset class, digital assets now often move in tandem with broader financial markets, particularly during episodes of heightened geopolitical uncertainty.

The crypto industry is also sensitive to policy risk. Although tariffs don’t directly affect digital assets, they fuel wider uncertainty, spook investors, and can trigger capital flight from risk-on assets — especially those not yet regulated or fully institutionalised.

With Trump making trade and economic nationalism key pillars of his administration, crypto investors will be watching closely. The long-term implications for crypto regulation, global trade, and market stability could be profound.

While economic conflict brews in the West, another kind of crypto battle is quietly raging across cyberspace.

A new investigation by US intelligence agencies and cybersecurity researchers has revealed that North Korean hackers have stolen more than $6 billion in cryptocurrency over the past ten years — a staggering figure that highlights both the global reach of North Korea’s illicit cyber capabilities and the vulnerabilities that persist across the digital asset space.

Operating under state sponsorship, these hacking operations — including the notorious Lazarus Group — have become highly sophisticated, often impersonating recruiters, developers, or venture capitalists to trick employees at blockchain and DeFi firms into opening malicious files or sharing credentials. Once inside, these hackers exploit security loopholes, drain wallets, and rapidly launder funds through decentralised exchanges, mixers, and cross-chain bridges.

The stolen funds are believed to be a major source of income for the isolated regime, helping to finance its banned nuclear weapons programme and circumvent UN sanctions. It’s a wake-up call for the industry, where even major players with robust infrastructures have fallen victim to these attacks.

Chainalysis reports that 2022 and 2023 were record years for crypto thefts linked to North Korean entities, but the scale of long-term damage is only now being understood. The latest findings show a consistent and deliberate effort by Pyongyang to exploit decentralised networks as a financial lifeline.

This has sparked fresh discussions around Know Your Customer (KYC) protocols, sanctions enforcement, and the risks of privacy-enhancing technologies being exploited by hostile states. Regulators in the US, UK, and South Korea are already calling for stronger coordination and enforcement mechanisms, with crypto exchanges increasingly expected to implement proactive compliance strategies.

The message is clear: crypto platforms can no longer afford to view security as a secondary concern. As digital assets become more integrated into the global economy, they’re also becoming prime targets for geopolitical actors — and the consequences of inaction could be severe.

In a more tabloid turn for the crypto world, social media star Haliey Welch — better known as “Hawk Tuah Girl” — has re-entered the public eye after months of silence following her failed meme coin launch.

Welch had made headlines last year when her branded token, $HAWK, was launched amid a wave of influencer-led crypto projects. The token soared in its first few hours before crashing spectacularly, prompting accusations of a “pump and dump” scheme. Many critics accused Welch of using her online fame to promote a coin with no underlying value or roadmap.

However, the US Securities and Exchange Commission (SEC) has since closed its investigation, confirming there were no findings of wrongdoing. With her name cleared, Welch announced this week that her podcast Talk Tuah would return on 8th April, promising new content and “a fresh start.”

The situation highlights a growing trend in the crypto space: the intersection of celebrity culture and token speculation. While meme coins have offered massive short-term gains for early holders, they also carry extreme risk, particularly when tied to internet personalities with little experience in financial markets or blockchain technology.

Welch’s case may be closed legally, but it has re-opened a broader debate around accountability, consumer protection, and the role of social media in crypto promotion. As regulators crack down on misleading marketing and unregistered securities, creators and influencers will need to tread far more carefully.

Despite recent market turbulence, analysts remain optimistic about XRP’s long-term prospects. According to a recent report from Bitwise, XRP could trade within a range of $1.82 to $4.48 in 2025, depending on market conditions. The report further projects that XRP could reach $6.50 in 2026 and potentially $30 by 2030, representing a 1,370% increase from its current price. 

Similarly, Ryan Lee, Chief Analyst at Bitget, suggests that XRP could surge to $10 by 2030 if Ripple can capitalize on key opportunities, including regulatory clarity and the possibility of an IPO. 

These projections are based on anticipated market developments and increased adoption of digital assets. However, it’s important to note that the cryptocurrency market is highly volatile, and such long-term forecasts should be approached with caution.

This week has underscored the cryptocurrency market’s sensitivity to geopolitical events, particularly the recent tariffs imposed by the US administration. Additionally, revelations about North Korea’s cyber activities and developments involving key industry figures like Haliey Welch highlight the dynamic and multifaceted nature of the crypto landscape. While analysts remain optimistic about certain assets like XRP, investors should remain vigilant and informed in this rapidly evolving market.

Stay tuned for next week’s update on the latest developments in the cryptocurrency world.

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